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P6-18 1000

Price: $2.50


P6-18 The following data related to inventory for the year ended December 31, 2009. A physical inventory on December 31, 2009, indicates that 600 units are on hand and that they came from the July 1 purchase.


Date  Description  Number of Units  Cost per Unit  Total Cost 
1-Jan Beginning inventory   1,000  4  4,000
20-Feb   Purchase   800  5  3,600
1-Apr Purchase   900  5  4,275
1-Jul Purchase   700  5  3,500
22-Oct Purchase   500  5  2,450
10-Dec Purchase   500  5  2,500
 4,400  20,325
Required: Computer the cost of goods sold for the year Ended December 31, 2009, and the ending inventory under the following cost assumptions.

a. First-in, first-out (FIFO)
b. Last-in, first-out (LIFO)
c. Average cost (weighted average)
d. Specific identification

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